SPEND YOUR RELOCATION MONEY IN THE RIGHT PLACES
Understanding the cost of your program when working with an RMC isn’t particularly hard. If your RMC is providing expense management then it may be as simple as getting some basic reporting from them. But now that you have all the costs how do you make a determination on how to optimize your spend?
By following these simple steps, Odyssey will help you understand your spend and make recommendations on how to ensure you are spending your relocation money in the right places, helping you set your company on a clear path to aligning Talent Acquisition and Management. Odyssey can help gather these insights, navigate the data, and build/roll out a plan to ensure your company is seen as a talent leader.
STEP 1
Gather insight from your employees on their benefit utilization/satisfaction
In order to truly optimize your costs you need to know more about your the benefits you are currently providing your employee. This may include knowing the answers to the following:
- Are the benefits being utilized?
- Was the benefit something they wanted in the first place?
- Are there other benefits they would prefer in their place?
Doing qualitative and quantitative interviews of your employees will help you understand what and how your employees are using their benefits which allows you to make better decisions on what support to provide.
Here is a simple example. You may be providing all your employees 60-days of temporary housing. This is typically an expensive benefit, but you feel that you are supporting your employees. However, if you solicit their feedback, you may find that 30 days would have been plenty or even 1 week in a hotel. You may also learn that maybe you didn’t provide a benefit they would have preferred such as pet care, pet shipping, or destination services. This may change by different tier, benefit level, or employee demographics as well.
Once you understand your employee’s needs better you are ready to move to the next step.
STEP 2
DETERMINE IF POLICY CHANGES ARE NEEDED
You’ve talked to your employees and now you understand their needs better. Now you need to make decisions if there is enough data to support changes to your program and what the costs/benefit would be. There are several things to consider such as:
- Can you remove or change a benefit and still have positive employee satisfaction rates?
- Are there other benefits you may be able to add that are lower cost but have a high perceived value?
- Can you make benefit adjustments for certain segments such as lower or higher-level employees?
STEP 3
OPTIMIZE COSTS
Now that we have all of the information we can finally do a full analysis to optimize your costs. Sometimes several scenarios are run to determine the best outcome as it relates to costs and employee satisfaction. Final things to consider and determine include:
- Projected Volume
- Projected Mix
- Projected Geography
- Make final determination of any changes in your benefits provided
- Finalize Optimization of cost savings
Odyssey can help you optimize your costs and ensure that your program is maximizing your investment in relocation.
